Positive momentum is building for the upcoming upgrade of Ethereum, a decentralized blockchain with smart contract functionality, a survey by OKX, a Seychelles-based cryptocurrency exchange, has revealed.
The two-part Shanghai-Capella event, dubbed the ‘Shapella’ upgradeis now scheduled for April 12. The update is expected to allow Ethereum users to withdraw their staked ether (ETH), the platform’s native cryptocurrency.
The upgrade comes eight months after the Ethereum merger, a blockchain hard fork that shifted the platform’s consensus mechanism from proof-of-work system to proof-of-stake (PoS) system. However, investors have been participating in ETH staking on Beacon Chain since December 2020. The Beacon Chain, which is a PoS blockchain launched on Ethereum, was later merged into Ethereum Mainnet in September last year.
The expected Shapella upgrade, originally scheduled for last month, means investors will finally be able to withdraw their staked ETH. And OKX’s survey found that a majority (83%) of the Ethereum community expects more ETH to be staked over the next three months, suggesting a positive perception or acceptance of the Ethereum community. development.
📣 Hot off the press 📣
Last #OKX survey finds 83% of community expects more ETH staking around #Shapella upgrade 🤯
More information for #Ethereum enthusiasts here: pic.twitter.com/kZwt8g6Jn1
– OKX (@okx) April 7, 2023
ETH price movement over the past seven days. Source: CoinMarketCap
According to OKX, its findings are based on a survey of 700 ETH traders, investors, and network developers between March 1-5, 2023, at the ETH Denver conference.
CoinMarketCap’s the latest data shows that the price of ETH on April 7, 2023 stood at over $1,800, compared to around $1,820 seven days ago. However, the majority (63%) of OKX survey respondents expect ETH to peak above $5,000 by the end of the year.
Additionally, another majority (79%) expects ETH price to react differently to the Shapella upgrade than to the merger. Of this majority, 59% believe that the price of ETH will continue to rise before and after the upgrade. On the other hand, less than a quarter (20%) of them expect the price of ETH to move sideways.
“Thirty-three percent of respondents believe ETH will surpass its current 6-month high of $2,000 in June 2023, but still below its 12-month high of $3,000. (Still) 34% of respondents predict ETH to be below $2,000, while 33% believe it will be at least $3,100 by June 2023,” OKX explained.
#ETH Keep increasing before the next #Shapella Upgrade, Approaching $2000 Area – Daily Price Update 4.5.23 pic.twitter.com/tpkKnuahw4
— Bitcoin News (@BTCTN) April 5, 2023
Crypto players gear up for “Shapella”
According to OKX, a total of $17.9 million has been staked on Ethereum as of April 5, 20223. This represents over $34 billion in ETH.
Already, digital asset companies are preparing for the opportunities that the Shapella upgrade could take advantage of. In late March, cryptocurrency exchange Bybit launched its new “optimized” Web3 staking pool to give its users access to its “simple ETH staking options.”
Additionally, ConsenSys, an Ethereum software and decentralized protocols company, launched the first marketplace for institutional cryptocurrency staking. The software company believes that the Shapella upgrade can help boost institutional participation in ETH staking.
Positive momentum is building for the upcoming upgrade of Ethereum, a decentralized blockchain with smart contract functionality, a survey by OKX, a Seychelles-based cryptocurrency exchange, has revealed.
The two-part Shanghai-Capella event, dubbed the ‘Shapella’ upgradeis now scheduled for April 12. The update is expected to allow Ethereum users to withdraw their staked ether (ETH), the platform’s native cryptocurrency.
The upgrade comes eight months after the Ethereum merger, a blockchain hard fork that shifted the platform’s consensus mechanism from proof-of-work system to proof-of-stake (PoS) system. However, investors have been participating in ETH staking on Beacon Chain since December 2020. The Beacon Chain, which is a PoS blockchain launched on Ethereum, was later merged into Ethereum Mainnet in September last year.
The expected Shapella upgrade, originally scheduled for last month, means investors will finally be able to withdraw their staked ETH. And OKX’s survey found that a majority (83%) of the Ethereum community expects more ETH to be staked over the next three months, suggesting a positive perception or acceptance of the Ethereum community. development.
📣 Hot off the press 📣
Last #OKX survey finds 83% of community expects more ETH staking around #Shapella upgrade 🤯
More information for #Ethereum enthusiasts here: pic.twitter.com/kZwt8g6Jn1
– OKX (@okx) April 7, 2023
ETH price movement over the past seven days. Source: CoinMarketCap
According to OKX, its findings are based on a survey of 700 ETH traders, investors, and network developers between March 1-5, 2023, at the ETH Denver conference.
CoinMarketCap’s the latest data shows that the price of ETH on April 7, 2023 stood at over $1,800, compared to around $1,820 seven days ago. However, the majority (63%) of OKX survey respondents expect ETH to peak above $5,000 by the end of the year.
Additionally, another majority (79%) expects ETH price to react differently to the Shapella upgrade than to the merger. Of this majority, 59% believe that the price of ETH will continue to rise before and after the upgrade. On the other hand, less than a quarter (20%) of them expect the price of ETH to move sideways.
“Thirty-three percent of respondents believe ETH will surpass its current 6-month high of $2,000 in June 2023, but still below its 12-month high of $3,000. (Still) 34% of respondents predict ETH to be below $2,000, while 33% believe it will be at least $3,100 by June 2023,” OKX explained.
#ETH Keep increasing before the next #Shapella Upgrade, Approaching $2000 Area – Daily Price Update 4.5.23 pic.twitter.com/tpkKnuahw4
— Bitcoin News (@BTCTN) April 5, 2023
Crypto players gear up for “Shapella”
According to OKX, a total of $17.9 million has been staked on Ethereum as of April 5, 20223. This represents over $34 billion in ETH.
Already, digital asset companies are preparing for the opportunities that the Shapella upgrade could take advantage of. In late March, cryptocurrency exchange Bybit launched its new “optimized” Web3 staking pool to give its users access to its “simple ETH staking options.”
Additionally, ConsenSys, an Ethereum software and decentralized protocols company, launched the first marketplace for institutional cryptocurrency staking. The software company believes that the Shapella upgrade can help boost institutional participation in ETH staking.
